M+ Morning Market Buzz - 21 Jun 24
Dow Jones: 39,134.76 pts (+299.90pts, +0.77%)
⬆️ Resistance: 40100
⬇️ Support: 37600
FBM KLCI: 1,592.69 pts (-7.10pts, -0.44%)
⬆️ Resistance: 1650
⬇️ Support: 1560
HSI Index: 18,335.32 pts (-95.07pts, -0.52%)
⬆️ Resistance: 18900
⬇️ Support: 17400
Crude Palm Oil: RM3,959 (-RM17, -0.43%)
⬆️ Resistance: 4070
⬇️ Support: 3800
Brent Oil: $85.71 (+$0.64, +0.75%)
⬆️ Resistance: 87.70
⬇️ Support: 80.30
Gold: $2,360.09 (-$0.14, -0.01%)
⬆️ Resistance: 2420
⬇️ Support: 2260
M+ Market update – 21 Jun 24
Volatility May Surge With FTSE Rebalancing
Another down day on Bursa exchange as profit taking activities still persist, but we believe the FTSE rebalancing activities could be the reason for the softer sentiment in the market. Meanwhile, the US stock markets ended mixed as the market assessed weaker economic data as building permits came in below expectations, while unemployment claims rose more-than-expectations; S&P500 and Nasdaq retreated from record highs led by the Technology sector, while the Dow ended 0.77% higher. On the commodity markets, Brent oil headed higher above USD85/bbl, while gold price gained momentum above USD2330. The CPO is still ranging along RM3900-4000.
Sector focus: Overall, the sentiment across the board is negative as sector indices are undergoing consolidation phase. However, we believe the traders will be monitoring for good entries once it is ripe for a rebound in the Technology sector which will be driven by catalysts coming from the rising demand for data center, AI and cloud services. Also, EMS players are likely on traders’ radar due to stronger earnings from VS.
Stocks to watch:
Technology: CATCHA, IFCAMSC, RAMSSOL
Construction: FAJAR, GAMUDA, JETSON
Property: KPPROP
Solar: SUNVIEW
Finance: BURSA
Source: M+
M+ Technical Trading Stocks - 21 Jun 24
Stock Name: JETSON (9083)
Entry: Buy above RM0.290
Target: RM0.305 (5.2%), RM0.320 (10.3%)
Stop: RM0.280 (-3.4%)
Shariah: Yes
Technical: Flag-formation breakout
Stock Name: CATCHA (0173)
Entry: Buy above RM0.405
Target: RM0.430 (6.2%), RM0.450 (11.1%)
Stop: RM0.390 (-3.7%)
Shariah: No
Technical: Monitor for breakout
Source: Bloomberg, M+
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